MIAMI—Wood Partners has broken ground on Alta Dadeland, a $128 million mixed-use development with 431 apartment homes and 2,000 square feet of retail space next to the Dadeland Mall. The community is also within two miles of South Florida’s largest employers, the University of Miami and Baptist Health South Florida.
“Alta Dadeland is within walking distance of the Dadeland Mall as well as Dadeland Station, a 350,000-square-foot lifestyle center anchored by Best Buy, Sports Authority, and Target,” says David Thompson, Florida development director for Wood. “There are two Metrorail stations in close proximity as well.”
Located on SW 72nd Avenue in Miami, the three-acre community will include 477,117 square feet of residential space, 2,116 square feet of retail space and 663 parking spaces. Designed by EDI International, the project calls for two towers connected by a pedestrian bridge.
Building One will be a nine- to 12-story courtyard building with 312 residential units, and a six-story parking structure (hidden behind the tower residences) with an expansive, resort-style pool deck above it. Building Two will be a nine-story, 119-unit building.
Coastal Construction is the general contractor, and construction is expected to be complete in the fourth quarter of 2015. Multifamily units will be available for lease in the second quarter of 2015. Invesco Real Estate is the equity partner, and HSBC Bank USA provided a fully underwritten construction loan for the project.
According to the National Association of Home Builders‘ formula to determine the local impact of multifamily housing in typical metro areas, adding 431 rental apartments will generate about $37 million in local income, $3.9 million in taxes and other revenue for local governments, and 580 local jobs. Wood estimates the project will create 400 temporary construction jobs and nine permanent property-management jobs.
Meanwhile, Wood is shaking up its executive ranks as it prepares to pursue more than $1 billion in new development opportunities across the United States in 2014. Here’s the run down:
Jerry Durkin, a founder and chairman of the board of directors, will step down as chairman but remain on the Board. CEO Ryan Dearborn will assume the additional role of chairman, and Joseph Keough will become president and CFO.
Wood founders Leonard Wood and Jim Simpson will step down from the board of directors at varying points in 2014, making room for Central Region Development director Patrick Trask and Western Region Development director Frank Middleton to join the board. General Counsel Sean Reynolds will join the company’s Investment Committee.
“The vacancies created as Leonard and Jim step down create growth opportunities for our future leaders,” says Dearborn. “Based on their impressive track records building out their respective businesses, I believe Patrick Trask and Frank Middleton will contribute greatly to the board of directors. I would like to thank Leonard and Jim for their excellent service and for being such fantastic partners through the years.”
Middleton, who joined Wood in 2005, expanded the company’s West Coast presence by opening an office in Northern California in 2008 and in Seattle in 2010. Trask moved to Houston in 2001 to help open Wood Partners’ Texas Division. He has been a principal in the finance and development of more than 35 multifamily projects totaling more than 10,000 units and $1.2 billion. He now oversees the Wood offices in Texas, Colorado, Chicago, and Arizona.
Wood has identified $1.7 billion in new multifamily development opportunities as 2014 begins, and Dearborn says the company expects to start more than $1 billion in the coming year. “This level of production is consistent with the past two years and represents full production for our company,” Dearborn says. “We are proud of our team’s impressive results and thankful for the investments that our capital partners have made with us.”